San Diego, CA -- (SBWIRE) -- 05/16/2012 -- Another current NASDAQ: OVTI investor has filed a third lawsuit against directors and officers of OmniVision Technologies, Inc in connection with the lost contract as exclusive supplier of camera sensors for Apple's iPhone.
Investors who purchased OmniVision Technologies, Inc. (NASDAQ: OVTI) shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiffs allege that defendants breached their fiduciary duties by allegedly misleading investors in NASDAQ:OVTI about OmniVision Technologies’ status as a supplier for Apple Inc.'s iPhone.
The plaintiffs say that defendants allegedly had prior knowledge that OmniVision's new product, an 8 megapixel sensor announced in February 2011, would not be delivered on time and that company board members were aware of this even as they were marketing it and creating a media buzz which increased the demand for shares.
The plaintiffs claim that management continued to issue press releases and make public statements regarding OmniVision Technologies’ expected positive outlook and high earning potential.
Then in October 2011 when the iPhone 4S became available for sale based on a logo stamped on the inside of the camera sensor, experts determined that Sony--and not Omni Vision Technologies --had supplied the CMOS sensor for the iPhone 4S.
NASDAQ OVTI stocks fell from almost $35 per share in July 2011 to as low as $10.41 on Nov. 25, 2011.
However, the plaintiff alleges that certain insiders were aware of OmniVision Technologies' problems and began to sell off their shares at a profit of $18 million.
Those who are current long term investors in OmniVision Technologies, Inc. (NASDAQ:OVTI) shares, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego